Designing a 401(k) plan is like remodeling your kitchen; it's exciting to envision how much better is can be.
August is the perfect time to fine tune your plan design before Q4 gets busy. Here are some great questions to explore:
- Will the plan use a Basic or Enhanced match?
- Do you want Roth deferrals enabled?
- Will there be profit sharing or non-elective contributions?
- Should Auto-enrollment be added or improved?
Starting these discussions now lets advisors help business owners explore options and make confident plan design decisions well before the year end crunch.
And remember advisors, you don't need to be the plan design experts. Lean on a Third Party Administrator like Farmer & Betts to walk through plan design with your clients while you remain seated on the same side of the table as the Plan Sponsor. Your role is to connect them with the right experts, helping create a retirement plan that empowers employees and supports the company's goals.
Q4 is for implementation. August is for Strategy and setting your clients up for success.